Altcoin Bloodbath: ETH, XRP, SOL, DOGE Crumble as Liquidations Near $900 Million

Some analysts see the current correction as an opportunity.

The cryptocurrency market, which marked a new record earlier this week when its total capitalization reached $4.4 trillion, is in freefall after US President Donald Trump issued a warning against China.

Ethereum is among the worst performers on a daily scale, losing almost 6% of its value. ETH has broken below $4,100 and is heading towards $4,000 for the first time in a few weeks. According to CoinGecko data, weekly losses are as high as 10.6%.

Similar losses are evident in other larger mutual funds, such as SOL and DOGE. Both are down more than 4.5% daily and are struggling below $210 and $0.24 respectively.

Ripple’s XRP fared slightly better on the 24-hour scale, losing a more modest 3%. However, it has fallen almost 11% over the past week and is currently testing crucial support at $2.70.

Bitcoin led the charge south, initially falling from over $121,000 to $119,000 after Trump’s statement against Beijing. However, its performance has only deteriorated since then, dropping to $117,000 at the time of writing. CW believes the first major buy wall is at $116,700, which could provide some support for the asset.

Altcoin sherpa noted that if BTC closes below $117,600 weekly, it would be destined for another decline to $115,000.

Satoshi Flipper was more positive, indicating that today’s sell-off, which also extended to broader financial markets including the S&P 500, will simply increase the chances of two more rate cuts by the US Fed by 25 basis points. As such, the analyst said the current correction is a ‘sample discount’.

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CoinGlass’s liquidation data is quite painful. The total value of vandalized positions has risen to $900 million on a daily basis, while more than 250,000 traders have been vandalized.